Columbia Property Trust to Expand Presence in New York with
Acquisition in Midtown South

Under Contract to Purchase 149 Madison Avenue with Plans to Fully
Reposition Building as Modern Boutique Office

March 09, 2017 04:30 PM Eastern Standard Time

ATLANTA & NEW YORK--(BUSINESS WIRE)--Columbia
Property Trust, Inc. (NYSE: CXP) has reached an agreement to
purchase 149 Madison Avenue, a 127,000-square-foot office building in
Manhattan, from a private family owner. Price was not disclosed. The
transaction is expected to close later this year.

149 Madison is located in the heart of the NoMAD district of Midtown
South on the southeast corner of 32nd Street and Madison
Avenue. Built in 1916, the 12-story building is subject to a ground
lease that expires in January 2018 with fully coterminous tenant leases.
At expiration, Columbia will own a fee simple interest in the land and
building. Columbia plans to invest significant capital to perform a
comprehensive renovation of the property, including updating and
upgrading its infrastructure, interior and exterior finishes, and common
areas throughout.

“149 Madison offers a compelling opportunity to leverage our scale and
expertise in New York at an attractive discount to replacement cost and
to create value through repositioning and re-leasing the full building,”
said Nelson
Mills, president and CEO of Columbia Property Trust. “With over $600
million in proceeds available from our recently completed disposition
program, the purchase of 149 Madison is a promising start to our plan to
put capital to work in our target markets.”

Adam
Popper, senior vice president for Columbia in the Eastern region,
continued, “The expiration of both the ground lease and existing tenant
leases at 149 Madison offer us a rare opportunity to renovate the entire
building and mark to market rates on every floor, providing strong
upside potential. We have already begun preparations to reposition this
building over the next 18-24 months so that it will compete among the
best product in the submarket.”

When completed, the acquisition of 149 Madison Avenue will be Columbia’s
second asset in the Midtown South market and will provide the Company
with a portfolio of five office properties totaling two million rentable
square feet in the New York City area.

Eastdil Secured and Cushman & Wakefield represented the seller in the
transaction.

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historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
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